China blocks series of crypto-related social media accounts China has blocked a large number of accounts on the Chinese Weibo platform, similar to Twitter, for their link to cryptos. The ban is in line with Beijing's stricter policy against trading and mining cryptocurrencies. The blockade is certainly not the last action China will take against digital currencies. Many crypto activities in China are expected to be linked to the country's criminal law, analysts and a financial regulator said. This means that mining and trading digital coins may become an illegal activity in the near future. Beijing vowed last month to crack down on bitcoin mining and trading. That happened shortly after three agencies in the country banned crypto-related financial payment services. The Weibo interventions also come at a time when Chinese media are harsher in their coverage of crypto trading. According to state broadcaster CCTV, cryptocurrencies are often used for trading black money, money laundering, arms smuggling, gambling and drug trafficking. China's central bank, meanwhile, has accelerated testing of its own digital currency. Source: ANP with Google translation
https://www.investopedia.com/terms/b/black-money.asp What Is Black Money? Black money includes all funds earned through illegal activity and otherwise legal income that is not recorded for tax purposes. Black money proceeds are usually received in cash from underground economic activity and, as such, are not taxed. Recipients of black money must hide it, spend it only in the underground economy, or attempt to give it the appearance of legitimacy through money laundering.